Private Commercial Lender
The Private hard money loans are issued to the private investors or companies. The interest rates in case of hard or private money loan are higher than those of commercial or residential property loans in Private Commercial Lender due to short term and higher risk is involved in it. Most of these loans are taken for those projects, which has the tenure of few months to few years. It is similar to bridge loan. The term and conditions of hard money loan varies according to the purpose and type of lender.
The interest rate on hard money is not dependent on bank rate but depends on the availability of hard money credit. The Private hard money lender includes private companies and individuals and this type of hard loan act as a source of financing for the real estate investors. The hard money lenders in Private Commercial Lender give money for short period between 6 and 24 months. For taking hard money, loan fees ranges between 3 and 10% of the loan amount.
The Private lenders have the rates and fees higher than conventional mortgages. They have different rates and fees depending on the loan amount and tenure or time period. The private hard money loan in Private Commercial Lender is backed by the property value and not by the worthiness of credibility of the borrower. The property is used as the protection against the defaulter. The interest rates of hard money loans are higher than traditional loans. The traditional lenders do not provide hard money loans and the hard money loan is also like a bridge loan.
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